The General Ledger

question 30

Multiple Choice

The general ledger:

• A)lists the customer names.
• B)is the book of final entry.
• C)lists the transactions in chronological order.
• D)is before the general journal.

---

Definitions:

Social Security Taxes

Taxes paid by workers and employers to fund the Social Security program, which provides retirement, disability, and survivorship benefits.

Medicare Taxes

Taxes withheld from pay or paid on profits that contribute to the Medicare program, providing health insurance for individuals over 65.

Self-Employment Tax

A social security and Medicare tax primarily for individuals who work for themselves.

Tax Liability

The total amount of tax that an individual or entity is legally obligated to pay to a tax authority.